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N789.6m subsidy fraud: PPPRA didn’t investigate documents – Witness

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LAGOS – A prosecution witness in the ongoing trial of some oil marketers, Mr Victor Chidok, on Monday stated that the Petroleum Products Pricing Regulatory Agency (PPPRA) did not investigate some documents submitted by three oil marketers for processing of their fuel subsidy payment.

Chidok, the Head of Lagos Zonal Office of the PPPRA, made the statement in his testimony at the trial of three oil marketers, Adamu Maula, George Ogbonna, and Emmanuel Morah, before Justice Lateefat Okunnu of a Lagos High Court sitting in Ikeja.

The trio, alongside their firms, Downstream Energy Sources Limited and Rocky Energy Limited, are standing trial for an alleged N789.6 million fuel subsidy fraud.

PPPRAAt the resumed hearing of the matter, Chidok, who was led in evidence by the counsel to the Economic and Financial Crimes Commission (EFCC), Mr Rotimi Jacobs, testified that Downstream Energy was given permission to import 10,862 metric tonnes of Premium Motor Spirit (PMS) into Nigeria.

According to him, based on the mandate, the defendants submitted some documents relating to a ship-to-ship transfer between MT La Katrina (mother vessel) and MT D. Roseline (daughter vessel), offshore in Cotonou, Benin Republic.

He added that the documents, which included the Cargo Manifest, Haulage Report and Certificate of Cargo Transfer of the vessels showed that the transaction took place between January 2 and 3, 2011.

Further in his testimony, Chidok said the documents that are claimed, emanated from Inspectorate Marine Services Limited which had witnessed the transaction.

“We did not investigate the documents submitted by the marketers. We don’t have representatives off-shore and we treated those documents on face value.

“We only checked the documents to confirm if they tallied with our check-list,” he said.

The witness under cross-examination by the defence counsel led by Professor Alfred Kasamu (SAN), admitted that the PPPRA witnessed the discharge of the products at the Apapa jetty in Lagos.

“The products were discharged according to the volume allocated to downstream for importation.

“The PPPRA only verified when the daughter vessel (MT D.Roseline) came into Nigeria before discharge,” he said.

Earlier, a banker with FirstBank, Mr Nwoji Obioha, had testified that Rocky Energy Limited introduced Dowmstream Energy to his bank for the purpose of account opening for a project it was to undertake.

The matter was adjourned till tomorrow, July 31, 2013 for continuation of trial.

THE NIGERIAN TRIBUNE

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Oil

FG Introduces New Incentives To Revitalize Nigeria’s Oil & Gas Industry

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In a strategic move to revitalize Nigeria’s oil and gas sector, the Federal Government has unveiled two key fiscal incentives aimed at attracting investment and enhancing energy security.

The announcement was made by Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy on Wednesday.

The first initiative, the Value Added Tax (VAT) Modification Order 2024, introduces critical exemptions for essential energy products and infrastructure, including Diesel, Feed Gas, Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG), Electric Vehicles, Liquefied Natural Gas (LNG) infrastructure, and Clean Cooking Equipment.

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These exemptions are designed to reduce living costs for Nigerians, promote energy security, and accelerate the transition to cleaner energy alternatives.

The second initiative, the Notice of Tax Incentives for Deep Offshore Oil & Gas Production, offers new tax relief options for deep offshore exploration projects.

This measure aims to position Nigeria’s deep offshore basin as a premier destination for international oil and gas investments, boosting the country’s appeal to foreign investors.

These reforms are part of a broader set of policy initiatives, known as Policy Directives 40-42, endorsed by President Bola Ahmed Tinubu.

The directives reflect the administration’s commitment to fostering sustainable development in the energy sector and enhancing Nigeria’s competitive edge in the global oil and gas market.

 

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Tinubu set to approve ExxonMobil-Seplat oil deal, expands CNG bus initiative

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By Yemie Adeoye

NIGERIA’s President Bola Tinubu has announced that the protracted ExxonMobil-Seplat upstream oil divestment will be formally approved by the Minister of petroleum within a matter of days, just as he announced his government’s intention to expand the Compress natural Gas, CNG buses initiative.

The President who stated this during his Independence day nationwide broadcast stated that the move is in line with his administration’s commitment to free enterprise, free entry and free exit in investments which is the hallmark of his administration investment policy.

“Fellow compatriots, our administration is committed to free enterprise, free entry, and free exit in investments while maintaining the sanctity and efficacy of our regulatory processes. This principle guides the divestment transactions in our upstream petroleum sector, where we are committed to changing the fortune positively. As such, the ExxonMobil Seplat divestment will receive ministerial approval in a matter of days, having been concluded by the regulator, NUPRC, in line with the Petroleum Industry Act, PIA. This was done in the same manner as other qualified divestments approved in the sector.”

The President also seized the opportunity to plead with Nigerians to be patient with his administration’s reform policies. “As your President, I assure you that we are committed to finding sustainable solutions to alleviate the suffering of our citizens. Once again, I plead for your patience as the reforms we are implementing show positive signs, and we are beginning to see light at the end of the tunnel”.

“Our energy transition programme is on course. We are expanding the adoption of the Presidential Initiative on Compressed Natural Gas for mass transit with private sector players. The Federal Government is ready to assist the thirty-six States and FCT in acquiring CNG buses for cheaper public transportation.

Fellow Nigerians, while we are working to stabilise the economy and secure the country, we also seek to foster national unity and build social harmony and cohesion. Our economy can only thrive when there is peace”. he enthused.

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ExxonMobil To Invest $10bn In Nigeria’s Deep-Water Oil Operations

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As part of the administration’s push to improve Ease of Doing Business (EoDB), Nigeria’s Vice President Kashim Shettima has expressed support for ExxonMobil’s plan to invest $10 billion in the country’s deep-water oil sector.

Speaking on Wednesday, September 25, 2024, during a meeting with ExxonMobil executives at the 79th United Nations General Assembly (UNGA) in New York, Shettima called the investment “a clear testament to the administration’s economic reforms and investor-friendly policies.”

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This announcement follows news that international maritime company DP World intends to develop a multibillion-dollar port project in Nigeria.

Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications, shared the development in a statement on Wednesday. He quoted Shettima as saying: “ExxonMobil’s potential investment aligns with the vision of President Bola Ahmed Tinubu’s administration for a more investment-friendly Nigeria.

We are committed to fostering an environment that supports such transformative projects.”Shettima also discussed the administration’s broader efforts to improve the ease of doing business, highlighting the “Renewed Hope Agenda,” which aims to simplify bureaucratic processes, enhance transparency, and offer fiscal incentives to attract global investors.

“Our administration has taken bold steps to unify the exchange rate, remove fuel subsidies, and implement tax reforms. These measures, though challenging in the short term, are intended to create a stable and predictable business environment in the long term,” he added.

On the oil and gas sector, Shettima mentioned that the government is revising the fiscal framework for deep-water operations to attract investment while ensuring fair returns for the Nigerian people.

 

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